The London Stock Exchange Group (LSEG) has acquired the Veris post-trade processing business and related intellectual property from Axoni. Financial terms were not disclosed.
The Veris network, developed and operated by Axoni, serves as a post-trade reconciliation and lifecycle management platform specifically for equity swaps utilized by banks and asset managers. This platform is designed to enhance the efficiency of the post-trade data reconciliation process and mitigate cash flow breaks by allowing counterparties to share and compare data related to equity swap deals, positions, trades, and associated cash flows throughout the post-trade lifecycle.
Following the sale, which is subject to closing conditions, LSEG will take ownership and operate the network after a transition period. Additional software to support post-trade processing across other derivative asset classes will also be included in the transfer.
Greg Schvey, CEO of Axoni, stated, “In recent years, we’ve partnered closely with LSEG to develop our trade processing applications and are confident they are the right party to help realize its growth potential.”